Holiday, 28, averaged 7.7 points and 2.7 rebounds in 82 games for the New York Knicks, providing 3-point shooting and defense off the bench.

He spent part of the 2015-16 season with the Bulls after being traded in a deal for Kirk Hinrich and was moved to the Knicks as part of the Derrick Rose trade last summer. In addition to Holiday, the Bulls have agreed to re-sign center Cristiano Felicio to a four-year, $32 million deal.

Holiday has averaged 5.7 points and two rebounds per game in four NBA seasons. He also served as a reserve guard on the Golden State Warriors’ championship team in 2015.